United Therapeutics (UTHR) investor relations material

Executive summary

• Q3 revenue reached a record $832.5M, up 4% YoY; net income fell 24% to $258.6M and diluted EPS declined to $5.71 from $7.16.

• Commercial momentum and a broad cardiopulmonary and respiratory strategy span 14 development programs, including manufactured-organ alternatives.

Financial highlights

• Q3 operating income was $307.8M versus $388.5M; operating expenses rose to $524.7M from $411.0M.

• R&D expense increased 119% to $279.2M, including Thymmune and manufactured-organ and cardiopulmonary spending; SG&A fell to $146.4M, including a $66.5M litigation-accrual reversal.

• 9M revenue was $2,397.3M versus $2,392.5M; operating income was $964.4M versus $1,135.8M, and net income was $866.5M versus $970.4M.

• TTM operating cash flow was $1.4B; cash, cash equivalents and marketable investments totaled $3,535.7M at September 30, 2026.

Outlook and guidance

• Management described the growth outlook as the strongest in its history; expanded commercial resources are expected to support growth in Q4 and 2027.

• FDA PDUFA dates are April 26, 2027 for nebulized Tyvaso in IPF and June 24, 2027 for oral ralinepag in PAH; ralinepag timing depends on resolving API manufacturing deficiencies.

• TETON-PPF enrolled 754 patients against a 698-patient target; topline data are expected in 2H 2027.

• Soft-mist inhaler NDA filing is expected in 2027 after additional data generation; development-partner work is underway to update the timeline.

• Growth drivers include Tyvaso DPI, increased PH-ILD prescribing, potential ralinepag and IPF launches, Orenitram growth and modest price increases.